Explain impact of IFRS starting in 2003

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11 Dec 2003

In its Letter of Comment on a consultation paper, Draft Recommendation for Additional Guidance Regarding the Transition to IFRS, issued by the Committee of European Securities Regulators, the Institute of Chartered Accountants in England and Wales has urged companies to explain the impact of switching from UK GAAP to IFRS as soon as reasonably practicable.

The Institute recommends that companies begin the process in their 2003 annual report by including narrative on the preparation process.

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